A whopping 15.3 percent of home purchases fell through last month, according to a new report by Redfin, with Texas and Florida leading the way.

It was the highest share of cancellations of any July on record, with a total of roughly 58,000 home purchase agreements breaking down across the country.

How Many Cancellations Are Too Many?

Home purchase cancellations are a totally normal phenomenon in any market, but their recent rise suggests that the U.S. housing market is quickly cooling.

Between 2017 and 2021, cancellations remained around 12 percent in the month of July, only to rise to 14.3 percent in July 2022 and to 14.5 percent in 2023 and 2024. While 15.3 percent is the highest share of cancellations of any July on record, it is still a modest number compared to those reported in t

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